Home Improvements Loan advice

KaterinaF321

Hi,
I am a first time poster on here and was hoping for some advice. I am due to complete on my house in the next few days (FTB) and am looking at getting a home improvements loan on the day of completion (the house was a good price but because it needs a lot of work new kitchen, bathroom, electrics etc).

My question is on the day of completion I will still be in my rented property (where I am registered on the electoral role etc and don't have to move out for another 3 weeks) I will be applying for the loan with my mortgage lender (and current bank) so when I go through the application do I need to put my current address which is the rented property and tick that I am a homeowner (even though the current address will be the rented property) or do I put the property I am buying and that I moved in on the day of applying?

Hope this makes sense - any advice would be greatly appreciated :j

G_M

KaterinaF321 wrote: »

Hi,
.....

... on the day of completion I will still be in my rented property (where I am registered on the electoral role etc and don't have to move out for another 3 weeks) I will be applying for the loan with my mortgage lender (and current bank) so when I go through the application do I need to put my current address which is the rented property and tick that I am a homeowner (even though the current address will be the rented property) or do I put the property I am buying and that I moved in on the day of applying?

In your position I'd either use my newly-purchased property address,or ask my bank!

KaterinaF321

Thanks, I figured that would make a bit more sense as that is the property that I will be the homeowner of but wasn't sure if the electoral role would be a problem, I guess I will just have to apply and see !!!55357;!!!56842;

hazyjo

From my basic knowledge, applying for major credit just after you've had a mortgage agreed risks being rejected - which is never good for your credit record.


What was your LTV on the mortgage?

spadoosh

As hazyjo says.

We got offered some credit but nothing in the way of being able to make a dent on home improvement. Obviously it depends on the circumstances but most people when getting a mortgage for the first time like to borrow as much as they are allowed, that then makes it difficult to borrow more.

Id be preparing for not borrowing the full amount at the very least (ie prioritising jobs) or accepting ill be in there for 6 months+ before looking at getting finance.

Out,_Vile_Jelly

I would personally avoid taking a loan out so quickly. Nobody ever died from cooking in an ugly kitchen, or showering next to avocado 80s tiles.

KaterinaF321

Hi all thanks for your replies, yes fully prepared that we may need to buy a camp cooker or something to tide us over in the meantime (there is no kitchen just a sink) and possibly borrow a small amount to get the electrics sorted if the loan doesn't get approved, in terms of the mortgage we were offered £100k more than what we borrowed but obviously didn't need it for the house we are buying/didn't want to max ourselves out and get a ridiculous mortgage for our first home.
I just wasn't sure in terms of the address to use as although we will own the house we can stay in our rented house for up to three weeks after completion.

Thanks again for all your advice.